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Matson Eyes Fresh Funds as Part of Its Fleet Renewal

Time:2016-10-29 21:03 Source:World Maritime News Writer:admin Click:Times

US-based container carrier Matson is looking to raise funds through the issuance of USD 75 million of 11-year final maturity senior unsecured notes as part of its fleet renewal program.

 

Proceeds of the notes, which are expected to have a weighted average life of 8 years, would be used to pay down the company’s revolving credit facility and for general corporate purposes.

 

“We are pleased to lock-in this tranche of long-term fixed rate debt that fits well with Matson’s fleet renewal financing strategy,”Joel Wine, Matson’s Senior Vice President and Chief Financial Officer, said.

 

“As we undertake the construction of our Aloha Class and Kanaloa Class vessels, we expect to fund progress payments through a combination of cash flow from operations, borrowing availability under our USD 400 million unsecured revolving credit facility, and periodic issuance of long-term debt,” Wine added.

 

The company entered into a private placement commitment letter under which it expects to issue the notes within the next 90 days, subject to entering into definitive documentation and satisfying other conditions.

 

Matson’s fleet is currently comprised of 14 container ships. Market value of the company’s vessels stands at USD 138.4 million, according to data provided by VesselsValue.

(Editer:admin)

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